Invoicing Software for Real Estate Professionals

Every real estate closing involves a commission split chain—listing brokerage percentage, co-op brokerage percentage, individual agent splits with their brokerage, and any team lead overrides. Billed lets you build closing invoices that reflect the full split structure: gross commission from the settlement statement, brokerage share at the agreed cap or percentage tier, agent net after desk fees and franchise royalties, and any holdbacks for E&O insurance or marketing fund contributions.

When agents hit cap at mid-year and their split changes from 70/30 to 100/0, the invoice documents which tier applied to this specific closing. For teams running graduated splits where a rainmaker takes 60% on the first $100K in GCI and 50% after, each closing invoice references the agent's year-to-date production so there is no dispute about which rate applies.

Title companies and closing attorneys need clean commission instructions to disburse funds correctly. An invoice that itemizes listing-side gross, co-op split, brokerage deductions, and net-to-agent amount matches what the settlement agent requires on the closing disclosure—eliminating the back-and-forth emails that delay funding after the buyer signs.

Referral fees between agents, brokerages, and relocation companies create a documentation trail that both sides need for their books and 1099-MISC reporting. When you refer a relocating client to an agent in another market and negotiate a 25% referral fee, the invoice must show the referring agent's license number, brokerage of record, property address, sale price, gross commission, and the referral percentage—details the receiving brokerage's accounting department requires before they cut the check.

Billed generates referral invoices with all of these fields so the receiving brokerage processes payment without requesting supplemental documentation. For relocation management companies that pay referral fees 60–90 days after closing, the invoice serves as the accounts receivable record you track until payment arrives.

Referral fees also flow between teams within the same brokerage. An inside sales agent who sets the appointment and hands off to a field agent may earn a flat $500 or a percentage of the agent's net commission. Documenting these internal referral payments on an invoice keeps team compensation transparent and gives both agents a record that reconciles with their annual production statements from the brokerage.

Property managers invoice multiple parties on different cycles—owners receive monthly management fee statements, tenants receive rent invoices and maintenance charge-backs, and commercial tenants receive annual CAM reconciliation invoices that adjust estimated charges to actual operating expenses. Billed separates each billing relationship so an owner sees their management fee, maintenance costs passed through at net, and the resulting distribution amount on one clean statement.

For residential portfolios, recurring invoices automate the monthly management fee—typically 8–12% of collected rent—so billing goes out without manual entry each month. When a maintenance issue arises—a water heater replacement or HVAC repair—the invoice to the owner documents the vendor cost, any markup, and the work order reference. Tenant charge-backs for damages beyond normal wear reference the lease clause and include photographic documentation.

Commercial property managers handling CAM reconciliation invoice tenants annually for their pro-rata share of actual operating expenses—property taxes, insurance, landscaping, snow removal, and common area utilities—versus the estimated CAM charges collected monthly. Billed calculates the adjustment per tenant based on their square footage percentage, generating either an additional charge or a credit memo that carries forward to the next billing cycle.

Brokerages that charge desk fees, technology fees, or monthly office costs need recurring invoices for every agent on the roster. A typical 100%-commission brokerage might bill $500/month for desk space, $150/month for the technology platform, $89/month for E&O insurance, and a per-transaction fee of $395 at closing. Billed automates these recurring charges so agents receive consistent monthly invoices and the brokerage has a clean receivables ledger.

Franchise brokerages also owe royalty fees to the franchisor—often 6% of gross commission income or a capped annual amount per agent. The brokerage invoices the agent for the franchise contribution, which may be deducted from commission disbursement or billed separately. Documenting these deductions on a per-closing invoice alongside the agent's split keeps the math transparent.

When agents leave and there are outstanding desk fees or technology charges, the invoice history provides the balance owed without reconstructing months of billing from bank statements. For brokerages managing 50 or 200 agents, automating this billing eliminates the administrative overhead of tracking who has paid, who is behind, and what deductions apply to each closing check.

Transaction coordinators bill per file—typically $300–$500 for a standard residential transaction with additional fees for complex deals involving short sales, REO properties, or 1031 exchanges. Billed lets TCs invoice the agent or brokerage with line items that reference the property address, MLS number, buyer and seller names, and the specific services provided: contract-to-close management, compliance review, deadline tracking, and document coordination with title, lender, and inspectors.

For TCs working with multiple brokerages, each client has a different fee schedule and payment terms. Some brokerages deduct TC fees from the agent's commission at closing; others require the agent to pay the TC directly before closing. Billed tracks receivables by brokerage and by agent so the TC knows exactly who owes what and can follow up before the closing date when payment depends on commission disbursement.

At year-end, the invoice history by agent and by brokerage feeds directly into the TC's 1099 reporting and expense tracking. TCs who process 200+ transactions annually need this documentation organized by closing date, not scattered across Venmo receipts and handwritten checks that require manual reconstruction during tax preparation.

Real estate marketing costs add up quickly—MLS dues, professional photography ($200–$500 per listing), drone video ($300–$600), virtual staging ($50–$150 per room), Matterport 3D tours ($200–$400), print brochures, direct mail campaigns, and premium placement on Zillow, Realtor.com, or Homes.com. When the listing agreement specifies that the seller reimburses marketing expenses at closing, or when the brokerage advances marketing funds that agents repay from commissions, every cost needs documentation tied to the specific property.

Billed tracks marketing expenses per listing with vendor name, cost, date, and the associated MLS number. When the listing sells, the reimbursement invoice pulls from documented expenses so the amount on the settlement statement matches what was actually spent. When a listing expires without selling, the documented marketing costs become the agent's deductible business expense for tax purposes.

For brokerages that pool marketing funds and allocate costs across listings, Billed's per-listing expense tracking provides the data needed for quarterly marketing ROI reviews. Which listing investments—premium photography, targeted social ads, open house events—correlate with faster sales and higher sale-to-list ratios? The expense data tied to closing outcomes answers that question with real numbers instead of assumptions.